1. (a) For purposes of Chapters 1 through 20 of this Title, the following identified as a shareholder in a corporation's current record of shareholders constitutes one shareholder:

   1. (1) three or fewer co-owners;
   2. (2) a corporation, partnership, trust, estate, or other entity;
   3. (3) the trustees, guardians, custodians, or other fiduciaries of a single trust, estate, or account.
2. (b) For purposes of Chapters 1 through 20 of this Title, shareholdings registered in substantially similar names constitute one shareholder if it is reasonable to believe that the names represent the same person.

HISTORY: 1988 Act No. 444, Section 2.